This article is from the Australian Property Journal archive
LUXURY jeweller Tiffany & Co will relocate its Sydney CBD flagship store to 175 Pitt St, owned by Dexus Property Group.
Tiffany will occupy 2,275 sqm of space over three storeys and its new store is expected to open in late 2018.
Tiffany & Co. Australia and New Zealand managing director Glen Schlehuber said this marks an exciting new journey for the brand in Australia.
“We have enjoyed over 22 years of successful growth in Australia, and Sydney is an important market for Tiffany globally. The new flagship will be a world-famous centre for luxury, style and sophistication that is synonymous with New York.
“We will transition to this new location from late 2017 to a temporary store within this site until the new flagship reopens in 2018,” he added.
The Pitt Street store will be Tiffany’s tenth location in Australia and third in Sydney with the Bondi Junction, Sydney International Airport stores. The jeweller also operates stores in Melbourne, Queensland, Adelaide, Perth and Auckland.
Dexus executive general manager retail Stewart Hutcheon said this deal will see Dexus retain Tiffany in its portfolio after the acquisition of 39 Martin Place by Transport for NSW for a new Sydney Metro station.
“We have worked collaboratively with Tiffany & Co. on this proposal, and if approved we look forward to continuing our long term relationship. The proposal potentially activates an identified repositioning opportunity within our city retail portfolio which will add significant prominence to the central Sydney luxury retail precinct.” Hutcheon said.
Australian Property Journal
